Forever 21, the well known fashion retailer which was founded in 1984 and caters to the younger set of clothing shoppers, is said to be looking at filing for bankruptcy.

According to Bloomberg, Forever 21 is losing cash and the ability to turn the business around. The company has been trying to revitalize the business by looking for lenders to no avail and has also been in talks with advisers about debt restructuring.

The company is now considering Chapter 11, which is a chapter of the bankruptcy code that lets a business reorganize. After the business offers a reorganization plan that is accepted by the court, that will keep its doors open and pay back the money that they owe their creditors over a period of time.

Locally, Forever 21 is located in the Eastwood Towne Center. Get more info about the potential bankruptcy of Forever 21 right here from Bloomberg.